|
|
|
Virginia
|
|
Details:
• Voluntary Contributions:
For 2009, there are two new voluntary contributions: Celebrating
Special Children, Inc. and Public Library Foundations. See the Voluntary Contribution
section in the instructions for additional information.
• Increased Deduction for 2009: Increases from $2,000 to $4,000 the deduction amount
allowed for purchases and contributions for prepaid tuition contracts or savings trust
accounts entered into with the Virginia College Savings Plan.
• New Subtraction for 2009: Gains from Land Preservation – Allows a subtraction for the
amount of federal gain or income recognized as a result of the sale of Land Preservation
credits.
• New Deduction for 2009: Income from Dealer Disposition of Property - Allows an
adjustment for certain income from dealer dispositions of property made on or after
January 1, 2009.
• Land Preservation Tax Credit: The amount of Land Preservation Credits that may be
claimed on income tax returns has been reduced from $100,000 per taxpayer to $50,000
per taxpayer effective for credits claimed for taxable years beginning on and after January
1, 2009.
• Direct Deposit Information: The standards for electronic banking transactions were
expanded to include a new format for international transactions. In addition to the existing
standard, the new format is for transactions designated as “international.” International
means the money is ultimately coming from or going out of the USA, even if passing through
a domestic bank first. This means that by entering information on the direct deposit line
you are certifying that the destination of the funds is within the United States. Attempting
to use direct deposit to transfer funds outside the United States may significantly delay
your refund. |
|
Government Link:
http://www.tax.virginia.gov/site.cfm?alias=IndWhatsNew#incomeTax
|
|
|